Though once used almost exclusively by wealthy families to pass down the family fortune, trusts are now commonly found in the estate plan of the average person. If you are contemplating the addition of a trust to your estate plan, there are some common mistakes you want to avoid making, such as failing to name a successor Trustee. For those who are not familiar with how a trust is administered, a … [Read more...] about The Importance of Naming a Successor Trustee
One of the most common additions to a comprehensive estate plan is a trust agreement. Although every trust agreement is unique, one thing all trusts have in common is a Trustee who is charged with administering the trust agreement. Appointed by the Settlor (creator of the trust), a Trustee has a wide range of duties and responsibilities during the administration of a trust. For a first-time … [Read more...] about Common Trust Administration Mistakes
A living trust is one of the most common tools used in estate planning. If you are contemplating the addition of a living trust to your estate plan, you probably have a number of questions about how a trust might fit into your plan, how to create a trust, and how a living trust terminates. To help answer one of those questions, the attorneys at Kulas & Crawford explain how and when a living trust … [Read more...] about How and When Does a Living Trust Terminate?
Ideally, when a trust is created, the Settlor (the creator) gives considerable thought to the appointment of the Trustee and discusses that appointment with the prospective Trustee before making it final. In reality, however, that doesn’t always happen. In fact, Settlors often appoint a spouse, family member, or close friend to be the Trustee of their trust without really contemplating the … [Read more...] about Do I Need an Attorney to Help Me Administer a Trust?
When a trust is created, the Trustee of that trust is appointed by the Settlor. A Settlor may appoint anyone he/she wishes as the Trustee. That Trustee has a fiduciary duty to the beneficiaries of the trust, meaning that the Trustee must treat the trust assets with more care and invest with more caution that he/she would with his/her own assets. In addition, a Trustee is legally required to follow … [Read more...] about What Can a Beneficiary Do If the Trustee Isn’t Abiding by the Trust Terms?
Although your Last Will and Testament likely serves as the foundation for your estate plan, if you create a comprehensive estate plan it will include a wide range of additional estate planning tools and strategies that are used to accomplish related goals and objectives. One of the most common additions to a well-rounded estate plan is a trust. A trust can help you achieve numerous estate planning … [Read more...] about Questions to Ask When Choosing a Trustee
Although a Last Will and Testament remains the most common estate planning document, trust agreements have gained in popularity to the point where they are a close second. When a trust works as planned it can help to accomplish a wide range of estate planning goals. For that to occur, the Trustee must administer the trust properly and ensure that the trust assets are protected, ideally, increase … [Read more...] about Vero Beach Trust Administration Lawyer Explains How to Remove a Trustee
Were you recently informed that you are the Trustee of a trust? If so, and this is the first time you have served as a Trustee, you are probably feeling overwhelmed and wondering where to begin. Under the circumstances, it is in your best interest to consult with an experienced estate planning attorney as soon as possible to obtain individualized advice and guidance. In the meantime, however, it … [Read more...] about Trustee’s Guide to Trust Administration
When most people think about creating an estate plan for the first time, they envision executing a Last Will and Testament to serve as the foundation for their plan. A Will certainly can – and often does – serve as the foundation for a comprehensive estate plan; however, it is not the only option. A trust can also function as the cornerstone of your estate plan. When it comes to Wills vs. trusts … [Read more...] about Wills vs. Trusts — How Do I Know Which Is Right For My Estate Plan?
Though many people have heard of legal trusts for estate planning, few grasp the complex nature of these legal creations or how they are designed to work. A large part of that lack of knowledge is simply related to the prominent role that the Last Will and Testament plays in most people’s understanding of estate planning. To the average person, the management of an estate is thought to require … [Read more...] about Trust Administration: What is it Really?